Insights From Bank Innovation 2017

These insights and perspectives are what make our time at events like Bank Innovation so valuable—and we want to pass it on. Read on to learn about what SapientRazorfish saw and heard at this year’s event, and how that can help global banks and fintechs to think beyond today’s boundaries.

Insights From Bank Innovation 2017

1.
Bank Innovation, a two-day event hosted in San Jose, California, is dedicated to inspiring innovators and
executives within global banks and fintechs to think beyond current boundaries—to embrace new technologies
and strategies to better position their products and brands for success.
This year’s 6th annual event took place March 6 – 7 and featured chats, panels, and presentations from some of
the most forward-thinking minds in the industry, covering the need for enhanced client experience, competitive
differentiation, and operational efficiency through digital innovation. The conference also featured demos from
select startups looking to disrupt the financial services industry.
While fintechs have been successful in “unbundling” the bank, not a single fintech has reached an
Uber-level scale. At SapientRazorfish, we believe the “Uber” moment is yet to come—and banks are
poised to win.
We do not want to become
a bank. The only people
who want to be banks
were never bankers.”
–Kahina Van Dyke
Global Director of Commerce & Payment Partnerships
Facebook, @kahinavandyke
There is an Uber of
financial services—it’s
Capital One, and they’ve
been around (for some
time).”
–Daniel Kimerling
Head of API Banking and Platform
Silicon Valley Bank
“Banks are slowly but surely
becoming digital companies…
We don’t let fintech dictate
our strategy.”
–Adam Carson
Head of Digital Partnerships
Chase
Fintechs have gone from competing with banks, to
partnering, to powering.”
–Adam Carson
Head of Digital Partnerships
Chase
“Let’s think about humans
interacting with humans.”
–Marie Floyd
Senior Vice President, Head of Digital Customer Experience
Wells Fargo
“The only thing that's changing faster
than technology is consumer
expectation.”
–Jeff Yabuki
CEO
Fiserve, @jeffyabuki
“Money is very emotional.”
–Brian Ascher
@VCsurferDAD
“In any mobile experience, consumers
expect personalization and rewards.”
–EJ Achnter
Head of Digital Banking - Strategy, Platforms, Innovation, and Partnerships
Bank of America
Banks are working with fintechs by buying, investing,
licensing, or building in-house solutions. The best option is
often a mixed approach. We recommend understanding your
customer’s pain points, internal needs, and developing a
digital strategy before engaging fintechs.
BUY? BUILD? OR PARTNER?
Shifting customer expectations are forcing banks to innovate
in digital experiences. Through experience design, strategy,
and technology implementation, SapientRazorfish takes a
radically customer-centric approach to helping banks keep up
with evolving technologies and needs.
CUSTOMER EXPERIENCE
“I dream of a future where you
can send money to anyone in the
world safely, securely, and
instantly.”
–Kahina Van Dyke
Global Director of Commerce & Payment Partnerships
Facebook, @kahinavandyke
“Success in payments comes not
from being top of mind, but out
of mind.”
–Michael Panzarella
SVP Product
Green Dot Corporation
“KPIs for digital payment experience
should be rooted in what matters to
customers, not just clicks or latency.”
–Marie Floyd
Senior Vice Presidentand Head of Digital Customer Experience
Wells Fargo
The connected, mobile, and always-on consumer is having a
profound impact on the payments ecosystem. Conversational
commerce, the blockchain, and new regulations are bringing
new opportunities for banks to improve the payments
experience.
PAYMENTS
To help us lead our banking clients to what’s next, SapientRazorfish attended Bank
Innovation 2017 to bring you highlights related to the industry at large, AI, open banking,
and next-gen customer experiences. Highlighted here are top tweets, quotes, and news
covering different perspectives from the event.
BANKING IS IN
“We are still yet to see an Uber or
WhatsApp or Facebook of the
Fintech industry.”
–Ruth Polachek
CEO & Co-founder
FinCheck
“America is too diverse for
one banking technology
experience to fit all needs.”
–Jeff Yabuki
CEO
Fiserve, @jeffyabuki
“IBM Watson: it’s not a kid anymore.
It’s a full grown millennial that thinks
it knows everything.”
– Avin Arumugan
SVP, Internet of Things (IoT)
Visa
We’re only at the beginning, but artificial and decision
intelligence will fundamentally change customer experience
and operations, improving security, efficiency, and of course
relationships.
ARTIFICIAL INTELLIGENCE “You know the scene has
changed when @IBMWatson
is a bigger buzzword than
#Blockchain.”
–Jane Barratt
Founder & CEO
Goldbean, @Jane_Barratt
“The future is
conversational
commerce.”
–Fazir Ali
SVP, Digital Strategy & Innovation
KeyBank, @ThatDudeF
Open banking initiatives are driven by new technologies like blockchain, new regulations like PSD2 in Europe,
and industry adoption of APIs. These factors will bring more innovation, competition, diversity of supply, and the
inclusion of the underbanked.
Rebuilding financial
systems with a new ‘lego’
isn’t going to happen
overnight. We need to
experiment a lot.”
–Marco Bosma
SVP Fintech & Innovation
Rabobank
“We’re moving into a world of
functional APIs where you can
do things—move money, open
an account, issue cards.”
–Adam Carson
Head of Digital Partnerships
Chase
OPEN BANKING, APIs, and BLOCKCHAIN
If blockchain can reduce cost, it
may expand access to the 27% of
Americans that must use
alternative financial services.”
–Asad Ramzanali
Senior Manager, Financial Solutions Lab
Center for Financial Services Innovation
@asad09
Would you like to learn more about the insights and discussions from Bank Innovation 2017, or SapientRazorfish’s transformation
solutions for banksfacing customer-driven disruption? Contact us today.